New York-based financial services firm CIT Group Inc. has arranged a $100 million senior secured credit facility for AWCC Holdings LLC, a subsidiary of American Wind Capital, to acquire a portfolio of land leases and lease royalties from U.S. solar projects. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
‘We acquire and lease the real estate underlying utility-scale solar power projects, allowing project sponsors to optimize their capital structures,’ American Wind Capital's CEO Chuck Hinckley says. ‘Given the robust pipeline of solar projects in development across the U.S., we see tremendous growth potential in this business segment.’
Hinckley says American Wind Capital has acquired over 8,000 acres supporting 540 MW of operating solar projects to date. The company's traditional business is monetizing wind power project rents for landowners.